Here’s everything you need to know about mortgage forbearance.
We’re back for Episode 33! Today, we're joined by special guest Jason Gordon of Amerifirst Financial. A lot of people have been asking me lately about the difference between mortgage forbearance and mortgage forgiveness. Jason was kind enough to take time out of his day to give a fantastic, wide-ranging presentation on this topic and all of the other implications of mortgage forbearance in the real estate and mortgage worlds.
Feel free to follow along in the video above or use the timestamps I’ve provided below to navigate the discussion at your leisure:
1:35- A quick background on Jason’s career and accomplishments
5:30- How our current market compares to the previous housing crisis in 2008
8:14- Identifying the players and terms involved in a mortgage transaction
11:20- What do mortgage servicers actually do and how do they utilize loss mitigation?
16:00- The definition of forbearance
18:14- The difference between forbearance and deferment
19:44- The dangers of forbearance repayment
22:00- The debt-to-income implications forbearance could bring with it
25:55- Credit implications of forbearance
27:10- Why are there different types of forbearance agreements?
33:20- How unemployment is compounding the issues for mortgage servicers, and how their leverage is different from what they had in 2008.
41:00- Ripple effects that have caused changes to mortgage programs
46:35- Which mortgage programs have been eliminated for the time being?
48:20- The impact of these changes on divorcing homeowners
54:00- How to reach Jason if you have any questions
56:00- Wrapping things up
If you have any additional questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you!
